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The Government of Saint Lucia has received approval from the Council on Trade and Economic Development (COTED) to suspend the Common External Tariff (CET) on pharmaceuticals.

According to a statement from the Office of the Prime Minister, the move is as a result of Government’s efforts to request from COTED, that the waiver be reinstated.

At the 43rd meeting of COTED held in Georgetown, Guyana from November 14th to 18th the Government of Saint Lucia was able to obtain the support of other member states, to secure the removal of CET on pharmaceutical products for four years.

This is expected to result in the import duty on such products being reduced to zero and should mean a commensurate reduction in retail prices on such commodities imported from November 2016 to November 2020.

The CET suspension on pharmaceuticals had been previously approved for the period May 1, 2012 to April 16, 2016.

The Government says it is thankful to COTED for its support which will assist in minimizing the cost of healthcare.
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